I think Frodo being a kind of narrator in the start and perhaps one or two times during the plot, for instance changing the perspective to gandalvs part in the events taking place during bilbos adventure, the white council, the necromancer etc, will work really really well!

Imo it's keeping with Tolkien, it's necessary to link the hobbit film with the lotr, and this handle is as good as any other imo. PJ has said before that he views the hobbit and lotr as a continuous story in movie terms. anyway, if the frodo-news is true there is little point disagreeing, seeing as it's gonna happen anyway. Social Science's biggest problem, is social science.